Goldman Sachs Launches First Class of 10,000 Women in the Middle East

8 Feb 2009

Initiative a Partnership Between The American University in Cairo and The Wharton School of the University of Pennsylvania

Cairo, February 8, 2009—The Goldman Sachs Group, Inc. (NYSE: GS) today joined with the American University in Cairo (AUC) and The Wharton School of the University of Pennsylvania to launch the first class of 10,000 Women students in the Middle East. The class of 34 women began their coursework in the Women’s Entrepreneurship Leadership (WEL) Certificate Program at AUC, where they will develop skills in business and entrepreneurship to help grow their existing businesses. Women in the first class come from across the Middle East and are owners of businesses ranging from manufacturing to information technology to tourism.

The 10,000 Women initiative was founded on research conducted by the World Bank, Goldman Sachs, the Wharton School, and others, which found that expanding education and developing the entrepreneurial talent and managerial pool in developing economies – especially among women – is one of the most important means to reducing inequality and ensuring more shared economic growth.

“The case is clear – business and management education for women is one of the most important and overlooked means to create individual opportunity and spur widespread economic growth globally and in the Middle East,” said Dina Habib Powell, Managing Director and global head of Corporate Engagement at Goldman Sachs. “We are incredibly proud to be working with prestigious partners such as the American University in Cairo and the Wharton School in the 10,000 Women initiative.”

Additionally, according to a recent World Bank report, The Environment for Women’s Entrepreneurship in the Middle East and North Africa Region, “Women’s entrepreneurship could help the region meet its challenges because empowering women and diversifying the economy can go together and help the region meet the critical challenge of creating more and better jobs.”

In addition to macroeconomic growth, research from Goldman Sachs, the World Bank, and the United Nations series of Arab Human Development Reports found that female education can have a significant positive impact on critical household and social issues, including improved women's health, better education for future generations, and lower infant mortality.

“The women in this first Middle Eastern class of 10,000 Women are not simply students or business owners; they are pioneers, and they are builders,” added Habib Powell. “They are making the investments and the sacrifices to build a growing business, a prosperous family, and a strong nation.”

The WEL curriculum is centered on enhancing the ability of women to succeed by teaching them how to develop a business plan, secure funding, hire and manage employees, manage business operations, understand basic accounting, market products and services, and how to balance work and life. Participants will learn practical skills through mentoring and coaching from teachers, established local entrepreneurs, and the people of Goldman Sachs. For example, the program also includes a two-day course by the Financial Services Volunteer Corps, a nonprofit organization that helps build strong financial systems in developing and emerging markets, focusing on access to capital. Ashoka, a global association of leading social entrepreneurs, will also be a partner in the region. Over the course of the five year program, AUC and Wharton will train 500 women.

The Goldman Sachs 10,000 Women initiative was launched March 5, 2008. It has partnered with more than 50 universities and organizations in Africa, Asia, Europe, Latin America, the Middle East and the United States to seek, create and develop programs to impact the quality and capacity of business education in developing regions around the world. Other 10,000 Women activities in the Middle East include a partnership between Stanford and the American University in Beirut to develop business case studies. For further information on the 10,000 Women program, please visit www.10000women.org.

The Goldman Sachs Group, Inc. is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.